Posted by PeteH(NYC) on December 12, 1999 at 16:54:30:
Might it be just as effective, and make your T/Bs happier, to tell them “no rent credit if your payment isn’t here by first of month,” and save the action to remove for, say, the 10th? I’m always a fan of making people happy to do business with me.
Otherwise, good-looking deal.
I Need To L/O With Landlord With Existing Tenants - Posted by John P.
Posted by John P. on December 11, 1999 at 20:06:16:
I received a call from a tired landlord. I want to offer a L/O to them but they have tenants currently in the property. I would like to have the current tenants vacate so I can put a L/O tenant in the property. Would I need to honor the tenants existing lease or can I have them leave when I purchase the property? I need some food for thought.
Thanks
John
Re: I Need To L/O With Landlord With Existing Tenants - Posted by Felix in San Antonio
Posted by Felix in San Antonio on December 11, 1999 at 23:43:04:
John:
We just L/O’ed a house in mid Nov with tenants. The tenants have expressed lots of interest in buying. (As it turned out, they were trying to buy back in Jul/Aug, but couldn’t get qualified for a loan. So, they opted to rent. The seller/owner was desparate - long story short - she couldn’t afford payments and needed to cover expenses ASAP.)
We picked up the house for $91K and could sell today at about $101K-$103K. We told tenants that they could L/O for $109K with a term through June 2001. Husband said price was high; my partner/wife explained price was cheap and they had the option to leave at the end of their current lease which expires at end of next July.
Husband said, “OK, we’ll take the L/O.” It turns out the wife REALLY wanted this house. My partner will negotiate down this Mon. We are giving them a $1,000 credit on repairs done. They went into a mess of a house and made repairs which the owner never honored; remember, she could not make the payments, much less repairs.
Either way, we win. When we acquired the house, we informed tenants that if payments were not in our office by the 1st of each month, we would take actions to remove them from the house.
Good luck with your scenario!
Felix
Re: I Need To L/O With Landlord With Existing Tenants - Posted by Lee
Posted by Lee on December 11, 1999 at 23:30:56:
Hi John
Have you talked with the tenants about (or concidered) offering the tenants the L/O ?
Yes , You do have to honer the current lease (as an owner).
Merry Christmas
Lee